Aviva and LGIM join Government push in green finance

Aviva Investors and LGIM are among the panel of a new Government initiative to push green finance in the UK and implement recommendations from the Task Force on Climate-related Financial Disclosures.

Climate change minister Claire Perry announced the initiative at the opening of Climate Week in New York saying the transition to a low carbon economy was a key part of the Government’s industrial strategy.

The Government says $13.5trn is needed in the energy sector alone by 2030 for countries to meet Paris Agreement targets.

LGIM chief executive Mark Zinkula, along with head of sustainability and responsible investment, are among the business executives on the government’s panel, alongside Aviva Investors chief responsible investment officer Steve Waygood.

Economic secretary to the Treasury Stephen Barclay says the taskforce will keep the UK at the forefront of green finance and deliver more choice for consumers.

“It is a priority of mine that people are able to access financial products that support their values, whether that be sharia-compliant loans or green mortgages that have a positive environmental impact. This taskforce will keep the UK at the forefront of green finance and help deliver choice for consumers.”

Between 1990 and 2016, UK GDP has grown by 67 per cent, while carbon emissions have fallen by 42 per cent.

In a separate announcement at Climate Week, Aviva is among the 10 companies to commit to implementation of the TCFD recommendations within three years, alongside Royal DSM, Ferrovial, Marks & Spencer, WPP and others.